Paphos has gone through a rebirth following bank collapses and a general downturn in fortune in 2013 to become a vibrant new Europeans Capital of Culture in 2017. An amazing feat in only 4 years!
Truly, the turnaround for the city of Paphos has been phenomenal. The rich cultural heritage throughout Cyprus and particularly Paphos spans thousands of years and the many Paphos UNESCO sites in concert with the city’s revival have not been forgotten!
Paphos leads the tourism segment in Cyprus and those arriving in Paphos today are partaking in the rebirth of this ancient city as it emerges as a dynamic centre where history and contemporary urbanism work hand-in-hand to thrill, to respect the city’s historical roots and to delight as our city’s fortunes.
If you have not visited Paphos for a few years, prepare to be amazed. You could also be forgiven for believing that you are cast at the beginnings of the old Latin Quarter of Paris! The city virtually pulses with renewed energy as its pedestrian accessibility and connectivity throughout the city is as never before.
The city of Paphos has something for everyone, a rich cultural heritage, a relaxed way of life, new café culture and has the benefits of a city by the sea with a vibrant harbour, castle and the azure blue sea. In short, meeting all needs!
Without a doubt buying property in Paphos represents real value for money, an opportunity that is not lost on Paphians and émigrés alike who enjoy the low cost of living compared in other countries, like high Council Taxes in the UK, for example.
The good news is that the financial crisis has finished and Cyprus and the property market is in now growing and property prices are on the rise as according to the Cyprus Central Bank data. The surge of property sales to the foreign buyers segment nearly tripled in May 2017 and June sales continuing apace, a good indication of increased interest for Cyprus properties continues.
The government and the Central Bank of Cyprus have also announced 3.1 % economic growth in 2017 In Cyprus with projections of further growth of 3.2 % through 2018 and 2019. This growth reflects increased disposable income, further property tax reduction and low interest rates.